Internally, Magellan has made several changes, returning macroeconomic research to the investment team from which it was previously separated, and restructuring its healthcare team to integrate it with franchises coverage led by Vihari Ross. Linked to those changes are the two earlier departures of Sam Churchill and Ted Alexander in November. It is the first meaningful shake-up of the investment team structure since the $50 billion fund manager started.

"Taken together, these changes warrant further analysis, given such a high level of turnover has occurred in a short period of time. However, the implications for the core Magellan Global Equities strategies are limited," Morningstar analyst Michael Malseed said.

Morningstar highlighted the decision to close the embryonic international strategy as "putting existing investors' interests ahead of the desire for future growth in FUM" – funds under management – "which we applaud".